The Malta Government has just announced IIP scheme launched in 2013, is closing and a new residence program will open with new conditions. The program remains suspended and no new applications will be received.
The MIIPA, the agency which operates the IIP has, since last August, stopped receiving new applications. The Malta Individual Investor Programme Agency (MIIPA) will also be closing in the coming weeks.
Since its inception, around 1,460 families have been approved and just over 500 not approved.
In the May 2020 interview to CIP Journal, Jonathan Cardona, CEO of MIIPA announced since its inception in 2014, the Individual Investor Programme (IIP) has attracted about €1.4 billion euros into the economy of Malta. This includes the statuary contribution, purchase of bonds, purchase or lease of property and donations to local voluntary organisations.
Malta will be implementing new residence regulations which may lead to citizenship and which take into consideration the European Commission’s concerns and recommendations.
The new regulations will ensure the highest standards in the sector of residence by investment. These regulations will state that individuals can only apply for citizenship after 3 years of residence or by exception through higher investment after 1 year. In this regard, no citizenship application can be submitted before such a period.
Furthermore, individuals will be allowed to apply for citizenship only after a thorough due diligence assessment has been conducted, whereas those who do not pass such test would not even be allowed to apply for citizenship.
The Maltese government will keep on publishing the names of all persons who obtain Maltese citizenship and will start to also publish the names of all persons deprived of Maltese nationality.